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Borrower

F•••••• L••

Softwaregroup grade Aon a schedule nowsponsor unattributed

What matters now

  1. 98¢ → 66¢
    consensus mark

    Consensus mark 66¢ on cost, down from 98¢ a year ago, 87¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived2 of 2 lenders' own marks, weighted by principal
  2. 15 pts
    62¢ to 77¢

    Lenders disagree by 15 points: O••••• S••••• C•••••• C•••• 62¢ to M••••• C•••••• I••••• P••• C••• 77¢.

    Q2 2026 · Holders value the same loan differently, so a position could trade between them.

    Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks →
  3. $16.5M
    principal outstanding

    $16.5M principal held by 2 lenders; matures May 2029.

    Q2 2026 · Refinancing is due in 32 months at a 66¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
  4. 87¢ → 77¢
    -10 pts, one lender

    M••••• C•••••• I••••• P••• C••• marked it 87¢ → 77¢, the largest move among 2 lenders this quarter.

    Q2 2026 · One holder repriced far more than the rest.

    FactM••••• C•••••• I••••• P••• C••• schedule of investmentsOpen the lender →
Mark path, consensus per quarter end
Q2 2025: 98¢Q3 2025: 96¢Q4 2025: 89¢Q1 2026: 87¢Q2 2026: 66¢98¢ · 96¢ · 89¢ · 87¢ · 66¢Q2 2025 to Q2 2026
Where each lender marks it, 15 points apart
62¢Consensus: 66¢O••••• S••••• C•••••• C••••: 62¢M••••• C•••••• I••••• P••• C•••: 77¢77¢
Principal held
at least $16.5M
sum of BDC pieces, a lower bound
Fair value
$9.9M
67c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
May 19, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
13
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
O••••• S••••• C•••••• C••••$11.8M62¢new this quarter
M••••• C•••••• I••••• P••• C•••$4.75M77¢-10 pts
Every BDC piece · 3 positions across 2 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
O••••• S••••• C•••••• C••••term loan second lien
S••••• S•••••• N•••• second lien senior secured notes
$8.5M$3.8M
54c
3.74%
PIK 9.00%
M••••• C•••••• I••••• P••• C•••term loan first lien
S••••• S•••••• L••••
$4.7M$3.6M
77c
S+610 bp
O••••• S••••• C•••••• C••••term loan first lien
S••••• S•••••• N•••• first lien senior secured notes
$3.2M$2.4M
79c
S+600 bp
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
second lien term loan second lienat least $8.5M54c3.74%
PIK 9.00%
May 21, 20294
first lien term loan first lienat least $8.0M78cS+610 bpMay 21, 20294
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20262$16.5M$9.9M67c1
Mar 31, 20261$4.8M$4.1M87c0
Dec 31, 20252$22.2M$18.1M89c1
Sep 30, 20251$14.7M$13.9M96c0
All 15 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20251$14.7M$14.1M98c0
Mar 31, 20251$14.8M$13.6M94c0
Dec 31, 20241$29.7M$26.2M91c0
Sep 30, 20244$158M$147M94c0
Jun 30, 20244$158M$136M87c0
Mar 31, 20243$69.7M$64.2M94c0
Dec 31, 20233$88.7M$79.2M91c0
Sep 30, 20232$54.8M$50.0M93c0
Jun 30, 20232$54.8M$47.0M87c0
Mar 31, 20232$54.8M$48.9M91c0
Dec 31, 20221$34.9M$31.4M92c0
What changed
Full timeline · 30 events
Every change including routine ones
Identity
Group key
FORTRAderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 6 BDCsderived
Industry
Softwarereportedas one filer wrote it